Europe Power Tools Market Size to increase by USD 2.57 billion during 2023-2028- Technavio
NEW YORK, Nov. 1, 2023 /PRNewswire/ -- The power tools market in Europe size is expected to grow by USD 2.57 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 4.36% during the forecast period. The market is segmented by Application (Commercial, Residential, and Industrial), Technology (Electric, Pneumatic, and Engine-driven), and Geography (Europe). The increasing demand for power tools from industries drives the power tools market in Europe. The majority of industrial demand for power tools is impacted by the automotive industry and the aerospace and defense industry. Heavy-duty industrial applications are important for the need low maintenance and generally have a longer life. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the power tools market in Europe: ANDREAS STIHL AG and Co. KG, Apex Tool Group LLC, Atlas Copco AB, Bahco, C. and E. Fein GmbH, Caterpillar Inc., Drill King International, Emerson Electric Co., Evolution Power Tools Ltd., Hilti AG, KKR and Co. Inc., KYOCERA Corp., Makita Corp., Michael Weinig AG, Panasonic Holdings Corp., Robert Bosch GmbH, Sandvik AB, Snap On Inc., Stanley Black and Decker Inc., and Techtronic Industries Co. Ltd.
- Power Tools Market in Europe is fragmented in nature.
- Market to observe 3.52% YOY growth in 2024.
Market Dynamics:
Trend
- Power tools with smart technologies are an emerging trend fueling market growth.
- Web and digital connectivity, which is a major trend facilitates inventory management and improves the performance of power tools.
- Smart technologies are being launched by established power tools brands such as DEWALT, Milwaukee, and Bosch.
- Furthermore, Bluetooth connectivity allows the individuals responsible for the custody of power tools to track the status and ensure the safety of the tools.
Challenge
- The aging population and increasing popularity of sharing power tools challenge the power tools market.
- The consistently low birth rates create a significant decline in the working-age population in Europe.
- A declining productivity rate follows a consistent increase in the average age of the workforce.
- For example, the productivity growth rate in Europe has declined by 75% in the last 20 years.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
By application, the commercial segment is significant during the forecast period. The growth in runtime and performance of cordless power tools due to several technological advancements results in the increasing use of cordless power tools in the construction industry. Get a glance at the market contribution of the segments, Request a Sample
The Global Cordless Power Tools Market size is estimated to grow by USD 4,433.26 million between 2022 and 2027 exhibiting a CAGR of 4.53%.
The portable power tools market size is estimated to grow at a CAGR of 5.02% between 2022 and 2027 and the size of the market is forecast to increase by USD 7,608.62 million.
Power Tools Market Scope In Europe |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 2.57 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
3.52 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ANDREAS STIHL AG and Co. KG, Apex Tool Group LLC, Atlas Copco AB, Bahco, C. and E. Fein GmbH, Caterpillar Inc., Drill King International, Emerson Electric Co., Evolution Power Tools Ltd., Hilti AG, KKR and Co. Inc., KYOCERA Corp., Makita Corp., Michael Weinig AG, Panasonic Holdings Corp., Robert Bosch GmbH, Sandvik AB, Snap On Inc., Stanley Black and Decker Inc., and Techtronic Industries Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Technology
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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